Seplat Energy Plc, one of (*19*)’s main indigenous power firms, has introduced the invention of an estimated 157 billion cubic feet (Bcf) of pure fuel and 19 million barrels of oil in place at its Aku-01 exploration effectively in (*19*).
The discovery, which occurred after the top of September 2026, was disclosed by the corporate on Thursday, October 29, in its unaudited monetary outcomes for the 9 months ended September 30, 2026.
The growth comes as Seplat Energy reported a pre-tax revenue of N1.34 trillion through the interval, representing a rise of 52.75% from N878.99 billion recorded in the corresponding interval of 2025.
Seplat reveals particulars of new oil and fuel discovery
Seplat disclosed that the oil discovery at Aku-01 was surprising, as the unique exploration programme didn’t anticipate discovering crude oil alongside pure fuel.
According to the corporate, preliminary assessments of the effectively have recognized substantial hydrocarbon assets, though additional analysis shall be required to find out the commercially recoverable volumes.
- “Post period end, the Company successfully discovered oil and gas in the Aku-01 exploration well. Preliminary internal estimates indicate a mid-case gas in-place resource of 157 Bcf and oil in-place resource of 19 MMbbls. Encouragingly, an oil discovery was not part of the original well plan,” the corporate acknowledged.
Seplat defined that work is underway to finish the exploration effectively for potential future manufacturing, with plans to attach it to present infrastructure to facilitate early business growth of the found assets.
The discovery has additionally decreased exploration uncertainty throughout 4 neighbouring prospects throughout the licence space, prompting the corporate to plan a second exploration effectively in the Aku space in 2027.
Seplat at present holds a 40% operated curiosity in Petroleum Prospecting Licence (PPL) 2A25, the place the invention was made.
Seplat’s crude oil and fuel manufacturing rises in 9 months
Seplat’s common day by day working-interest crude oil and condensate manufacturing elevated to 103,173 barrels per day (bopd) in the primary 9 months of 2026, in contrast with 101,793 bopd recorded in the corresponding interval of 2025, representing a rise of roughly 1.4%.
Natural fuel manufacturing averaged 194.9 million customary cubic feet per day (MMscfd) through the nine-month interval, representing a rise of roughly 11.6% from 174.7 MMscfd recorded in the corresponding interval of 2025.
- This was additionally larger than the 182.9 MMscfd reported for the primary half of 2026.
Similarly, pure fuel liquids (NGL) manufacturing elevated considerably to eight,222 bopd, in contrast with 3,719 bopd in the corresponding interval of 2025, representing progress of roughly 121%.
- However, this was beneath the 8,459 bopd recorded in the corporate’s half-year outcomes.
Overall, Seplat’s mixed working-interest manufacturing averaged 144,999 barrels of oil equal per day (boepd) in the primary 9 months of 2026, up 7% from 135,636 boepd in the corresponding interval of 2025.
Seplat information N3.78 trillion income, declares larger dividend
On the monetary facet, Seplat reported income of N3.78 trillion for the 9 months ended September 30, 2026, in contrast with N3.36 trillion in the corresponding interval of 2025.
- The firm additionally recorded a revenue after tax of N355.6 billion, in contrast with N146.6 billion in the corresponding interval of the earlier 12 months.
Following its monetary and operational efficiency, Seplat declared a third-quarter dividend of 19 US cents per share, comprising a core dividend of 5 cents and a particular dividend of 14 cents.
The newest declaration brings the corporate’s cumulative dividends declared for the primary 9 months of 2026 to 40 US cents per share.
- Seplat additionally maintained its full-year underlying dividend steering of $270 million, equal to 45 US cents per share.
- In addition, the corporate plans to distribute roughly $140 million to shareholders following the anticipated completion of the sale of a ten% curiosity in its NNPCL-SEPNU three way partnership to NNPC Limited.
- If accomplished as deliberate, the transaction would deliver Seplat’s anticipated complete dividend distributions for 2026 to roughly $410 million.
Meanwhile, Seplat Energy’s share worth closed unchanged at an all-time excessive of N16,000.10 on October 28, 2026, with 57,476 shares traded, in contrast with 9,884 shares in the previous session.
The inventory has gained roughly 175% year-to-date from its opening worth of N5,809.
